Your 12-word recovery phrase is, without a doubt, one of the most important wallet tools at your disposal. Knowing that, it’s no surprise we strongly recommend users write it down and store it safely before adding any funds to a new wallet. If you’ve already completed these backup steps, it’s equally important to have a solid understanding of how to use your 12-word phrase if you ever need to. Here, we’ll explain exactly that!
When block 494,784 is mined (on or around November 16th), the second and final part of an important network upgrade to the Bitcoin protocol called “SegWit2x” will take place. Below is a quick breakdown of what to expect throughout the coming weeks.
Some background on SegWit2x
SegWit2x is essentially a software upgrade that will bring improved capacity to the Bitcoin protocol. A majority of Bitcoin miners have signaled their intent to deploy Segwit2x, which increases the base size of bitcoin transaction “blocks” (groups of bitcoin transactions). The final part of this change is scheduled to occur when bitcoin block 494,784 is mined. Right now, this protocol change will likely activate on or about November 16th.
How does Blockchain plan to respond to SegWit2x?
During the upgrade, unanticipated changes to the Bitcoin network may occur. Our team is working around the clock to ensure our platform is prepared to incorporate these changes to the network as quickly as possible. During the upgrade period, we will take steps to ensure users are protected and their funds are safe.
To keep your funds safe while the network is in transition, we will temporarily suspend bitcoin send, request, buy, sell, and exchange functionality roughly 24 hours before the time of the fork until the network stabilizes.
What happens if there is a network split?
There is a significant possibility that the planned hard fork will result in two bitcoin block chains. In this case, we will follow the chain with the most accumulated difficulty and refer to that chain as bitcoin. If the minority chain has significant value, we will make that value available for customers to hold or exchange for a period of time, as we have done with Bitcoin Cash. If the minority chain is the one with 1MB blocks, we plan to call it BT1. If the minority chain has 2MB blocks, we plan to call it BT2.
Is there any action I need to take in advance?
While no immediate action is required, we encourage you to write down your backup phrase if you haven’t already. Check out this blog for more info on that.
Will I be able to see my bitcoin in my Blockchain wallet?
Yes. We will temporarily be suspending transactions for bitcoin, but your funds will remain safe and you’ll be able to monitor them from within your Blockchain wallet. Please note, until the network stabilizes, your bitcoin’s fiat balance will be based on the value of bitcoin at the time of the hard fork.
Can I use ether during SegWit2x?
Yes, ether will be available during SegWit2x. If you have transactions you need to make during this time, we recommend using ether to send and request.
When are you suspending buy and sell functionality for bitcoin?
We will be suspending all buy and sell functionality roughly 24 hours before the fork.
When will you bring back transactions? Will you be offering replay protection?
We’ll bring back transactions when it’s safe either because there is one chain or funds are protected by our own replay protection.
Where can I find the latest updates?
We’ve created a status page at blockchain-status.com where we’ll be posting regular updates throughout. We will have updates featured on throughout the wallet as well.
Have additional questions? Our industry-leading support team is prepared, as always, to help answer your questions at support.blockchain.com.
Interacting on social media can be a very positive experience, but it also has its fair share of pitfalls. Some users have recently reported being contacted by alleged members of our support team on Facebook who are requesting users’ 12-word recovery phrase in exchange for support. We want to clear up some misconceptions that are fueling this scam, plus we’ll give you some tips on how you can help keep yourself and other users safe.
A few months ago, we added ether to the Blockchain wallet. Today, we’re excited to announce that we’re extending that functionality to our mobile apps. As of today, users can seamlessly store, send, and receive ether on both iOS and Android.
As part of our mission to make digital assets increasingly user-friendly and accessible, we kept the mobile user experience for both currencies consistent and easy to navigate. With this update, users will notice the following two exciting changes:
- With a simple tap users can navigate between ether and bitcoin to monitor transactions, send funds, or request payment; and
- We’re rolling out a new dashboard that will allow users to monitor the market price for both currencies.
Don’t have a Blockchain wallet? Click here to sign up today!
At Blockchain, our priority is always our users. Our view on network upgrades and forks is two-fold. First, we will prioritize user safety throughout any network upgrade or instability above all else. Second, we believe our users should maximally benefit from forks wherever feasible.
Not sure what a hard fork or soft fork is? Click here to learn more. Want to understand how this might impact your Blockchain wallet? Read on.
Since the Bitcoin Cash (BCH) hard fork activated on August 1st, we’ve continued to monitor this emerging digital asset and confirmed in a brief update our decision to roll out limited support, in line with our users’ requests, within approximately 8 weeks.
We’re excited to share that, as of today, any user who had a Bitcoin balance in their Blockchain wallet when the fork activated, will be able to access the same amount in BCH.
Users can now store, exchange, and send Bitcoin Cash by clicking on General in the Settings menu of their web wallet. In the future, we may offer expanded support.
If you choose to continue to store your BCH, you’ll still retain full, exclusive access to these funds, which will always be accessible with your recovery phrase. Still curious about how Bitcoin Cash will work in the Blockchain wallet? Visit our Support Center.
Do you remember the first online password you ever used? Chances are it probably wasn’t all that secure. Fast forward to today, there’s no shortage of credible, easy to digest information about safe passwords and online security available. In spite of this, the use of weak password strategies still continues to prevail.
To help ensure your passwords do their job as your first line of defense, we’re here to explain how valuable a strong password strategy is and show you common weaknesses shared by the world’s worst, most horrible, no-good, very bad passwords. Did we mention they’re downright despicable?
With summer over, we’ve got Halloween creeping closer and the end-of-year holiday season not too far after. That also means it’s time for our Q3 product update. This quarter brought some exciting integrations and new features both on mobile and web. Keep reading for all the details!
We recently touched on security best practices, but wallet security is so multifaceted that it’s often tricky for us (and not-so-helpful for you) to pack all the best tips into one overloaded post.
Beyond your wallet credentials, there are other important bits in your wallet that you should never share. This time we’ll be covering wallet pairing codes, which allow you to seamlessly pair your web wallet to your mobile device, and vice versa. For do’s and don’ts about pairing codes, read on.
Security is a top priority at Blockchain. Our team have a variety of safeguards in place, and we’re dedicated to ensuring the platform is secure at all times. As a noncustodial wallet, it’s also equally important for us to explain best practices that leave you feeling confident about wallet security and being in complete control of your funds. So, to further boost your wallet’s resilience, new and experienced users alike can use the following proactive security tips.